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Black money: I-T cracks down on Swiss a/c holders

New Delhi, November 1
The Income Tax Department has started sending notices to persons involved in black money cases on the basis of information received from abroad, even as Finance Minister Pranab Mukherjee said their names would be disclosed after initiation of prosecution proceedings.

The notices are being sent by the Directorate of Criminal Investigation (DCI) to individuals and entities across countries following scrutiny of classified banking data received from foreign countries about Swiss Bank accounts.

“As and when the information (is received), investigation starts, prosecution takes place (and) matter comes to the court. Then, as per the existing treaty terms, we can reveal the names in cases of prosecution by the Income Tax Department,” Mukherjee told reporters here when asked whether the government has received information about industrialists and MPs in connection with black money.

The minister had earlier said the government had received information from France about overseas bank accounts of Indians. “In 69 cases, the taxpayers have admitted to unaccounted income of Rs 397.17 crore. Taxes of Rs 30.07 crore have also been paid,” he had said.

India, according to the Finance Ministry, has so far received over 9,900 pieces of information from several countries regarding suspicious transactions by Indian citizens, which are now under different stages of processing and investigation.

The Department of Criminal Investigation will initiate legal proceedings in several cases over the next few months, sources said, adding that the cases would be dealt with under criminal provisions of the IT Act.

In a number of cases being probed by the DCI, the department plans to conduct searches and surveys for obtaining additional information. — PTI

Reveal all names: BJP

New Delhi: BJP leader LK Advani’s pet issue of bringing back black money today got a shot in the arm with France giving names of 700 Indians having such accounts abroad, leading to raids on their premises and prompting his party to demand that the government should reveal their identities.

No summons to MPs: CBDT

New Delhi: The Central Board of Direct Taxes (CBDT) on Tuesday said no summons had been issued to Members of Parliament (MP) in connection with investigation of black money cases.

“It has also been reported (in sections of the media) that summons have been issued to some MPs. This information is factually incorrect and is therefore denied,” the CBDT said in a press note. — PTI





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